The Minneapolis company also said Wednesday that it will pay about $2.8 billion to Chase Card Services to retire receivables financing from 2008. That payment, along with a premium, is expected to reduce its fourth-quarter earnings by about 8 cents per share.

Target still wants to sell its credit card receivables portfolio, but says it wasn't in its best interests to complete a deal now.

The company hopes by pausing talks and repaying the Chase financing that it will be able to get a deal and sell the portfolio in either late 2012 or early 2013.

Its shares last fell 2.27 percent to $48.75 in premarket trading Wednesday.